ForexMinute.com – Litecoin hasn’t seen the bottom yet, as speculated by the analysts earlier. After going lower than expected in recent days, the Litecoin charts surprised the entire cryptocurrency world by displaying a double-digit rise on Saturday.
This rise is an addition to the gradual uptrend the coin was showing for weeks. It although went on to being stable in recent days, with minor hiccups suggesting that miners and traders were holding on to their coins. There has been no clear evidence of any event that could have caused such a superb drift in Litecoin prices; on the other hand, the speculators are believing it to be a normal rebound that have occurred multiple times in the past as well – the recent being in March 2013.
If what we are looking at is a rebound, then indeed it will be followed with a slump, as sellers will be more inclined towards making quick-and-short profits. The volatile surge in the LTC price for now suggests a major pump made into the market in order to mark the revival of Litecoin, which was already facing stiff competition from newly-launched coins. A bearish attempt however is expected once the price reaches its temporary ATH.
Nonetheless, Litecoin is still the most transacted digital currency after Bitcoin. The miners have indeed been dumping it gradually for two months straight, but for now, they are hopeful of approaching their respective ROIs. At this point, they either can accumulate or hold the coin to create enough demand in the market – a factor that could lead Litecoin to further heights.
Hope for the best!
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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